326-330 NEW PARK AVE Hartford CT 06106

The CBRE Net Lease Property Group is pleased to exclusively offer the opportunity to acquire a 74,170-square-foot freestanding Bow Tie Cinema situated on 13.26 acres in Hartford, Connecticut (MSA Population: 1.2 million). Built in 2000, Bow Tie’s 20-year net lease has 3 years of primary term remaining and four 5-year renewal options with 10% rent increases in each option. The original lease was signed by Crown Theatres in 1998, and the site was subsequently acquired and rebranded by Bow Tie in 2007. The property is strategically situated between Downtown Hartford and West Hartford with ideal visibility directly from Interstate 84 (Traffic Count: 119,600 VPD). Located at 330 New Park Avenue (Traffic Count: 17,500 VPD) near the West Hartford border with fantastic I-84 visibility on 13 acres, an investor can take advantage of the passive net lease cash flow while exploring the opportunity to redevelop with most likely uses of retail or a car dealership.

Bow Tie Cinemas is a traditional multiplex theatre that shows first-run movies. In addition, the theatre features 17 screens with stadium seating and digital sound in every auditorium. The property is also home to a BTX Giant Screen Theater which includes a 70’ x 50’ screen and 30,000 watts of Dolby Digital® 7.1 Surround Sound. The site is located within one of the area’s preeminent retail and commercial corridors (10 MSF of retail, 25.7 MSF of office, 8.2 MSF of industrial within a 3-mile radius) and due to superior access to Interstate 84 via Exits 44 and 45, has become a big box retail destination for residents of both West Hartford and Hartford.

Other surrounding retailers in the immediate vicinity include: Walmart Supercenter, Stop & Shop, Shop Rite, The Home Depot, BJ’s Wholesale Club, Aldi, Marshalls, Walgreens, Price Rite, Advance Auto Parts, McDonald’s, Taco Bell, Popeyes, Burger King, 7-Eleven, Dunkin’ Donuts, Family Dollar, Dollar Tree, Raymour & Flanigan Furniture and AT&T among many others. Furthermore, Bow Tie Cinema is less than 2 miles from Hartford Hospital and Connecticut Children’s Medical Center (1,053 total beds) and the campuses of Trinity College, Charter Oak International Academy and A.I. Prince Technical High School (Combined Enrollment: 3,400+ students), providing the theater with a substantial built-in customer base. Bow Tie Cinema also benefits from infill demographics with 164,263 people within a 3-mile radius.

• Strong Movie Theater Operator: Bow Tie Cinemas is a fourth-generation family-owned business founded over a century ago by motion picture industry pioneer B.S. Moss. Today, Bow Tie Cinemas is the oldest Cinema company in America and has one of the largest theater counts in both the New York MSA and the United States (400 screens in 50 locations in six states). The site was originally opened in 2000 as a Crown Theater, which was subsequently acquired and rebranded by Bow Tie in 2007.
• Net Lease With Rent Increases in Options: 20-year net lease with approximately 3 years of primary term remaining and four 5-year options to renew. The Lease includes 10% rental increases every 5 years throughout the initial term and options.
• Passive Net Lease With Redevelopment Opportunity: The property is ideally situated on New Park Avenue (Traffic Count: 17,500 VPD) with ideal visibility from and access to Interstate 84 (Traffic Count: 119,600 VPD) between Downtown Hartford and West Hartford. Located at 330 New Park Avenue (Traffic Count: 17,500 VPD) in the Parkville neighborhood on 13 acres, an investor can take advantage of the passive net lease cash flow while exploring the opportunity to redevelop with most likely uses of retail or a car dealership.
• Infill Demographics: The community surrounding this theater is densely developed just 3 miles southwest of Hartford’s CBD. More than 164,000 people with an average household income of $68,707 live within a 3-mile radius. Additionally, 163,348 daily employees work within 3 miles of Bow Tie Cinema, providing increased traffic to the area. The site also benefits from ample housing in the area, with almost 72,000 homes and 26,143 multifamily units within a 3-mile radius.
• Dominant Retail & Commercial Corridor: The property is located within one of the area’s preeminent retail and commercial corridors (10 MSF of retail, 25.7 MSF of office, 8.2 MSF of industrial within a 3-mile radius) and due to superior access to Interstate 84 via Exit 44 and 45, has become a big box retail destination for residents of both West Hartford and Hartford. Other surrounding retailers in the immediate vicinity include: Walmart Supercenter, Stop & Shop, Shop Rite, The Home Depot, BJ’s Wholesale Club, Aldi, Marshalls, Walgreens, Price Rite, Advance Auto Parts, McDonald’s, Taco Bell, Popeyes, Burger King, 7-Eleven, Dunkin’ Donuts, Webster Bank, Subway, Family Dollar, Dollar Tree, Raymour & Flanigan Furniture and AT&T among many others.
• Built-in Customer Base: Bow Tie Cinema is less than 2 miles from Hartford Hospital and Connecticut Children’s Medical Center (1,053 total beds) and the campuses of Trinity College, Charter Oak International Academy and A.I. Prince Technical High School (combined enrollment: 3,400+ students), providing the theater with a substantial built-in customer base.